Common use of Joint Annuity Option Clause in Contracts

Joint Annuity Option. Instead of the Pension in the normal form as provided for in Section 6.02, a Member may elect a joint annuity option providing for a reduced monthly pension during his lifetime and for the continuance after his death of a percentage of such reduced pension to a designated joint annuitant. Such percentage which shall be specified by the Member at the time of the election of options shall be either 100%, 75%, 66 2/3 % or 50%.

Joint Annuity Option. Instead of the Pension in the normal form as provided for in Section 6.02, a Member may elect a joint annuity option providing for a reduced monthly pension during his lifetime and for the continuance after his death of a percentage of such reduced pension to a designated joint annuitant. Such percentage which shall be specified by the Member at the time of the election of options options, shall be either 100%, 75%, 66 2/3 2/3% or 50%.